The local insurance sector in Yemen is currently facing increased competition, largely the result of the entrance of new firms into the market. These firms offer alternatives to the otherwise ordinary sector.
According to a report appearing in Al-Sharq Al-Awsat newspaper, these new players are offering non-traditional and unique insurance services which are expected to expand the local market’s girth. In addition, the report stated that the companies operating in Yemen prefer to acquire their insurance services locally rather than from foreign companies because of the difference in costs.
According to Al-Sharq Al-Awsat, 10 insurance firms are currently operating in Yemen, while two additional ones are presently being established. The value of the total insurance installments in Yemen ranges between $15-20 million. –(Albawaba-MEBG)